Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured a $50,381,000 loan for Matthews Crossing, a Class B multifamily property in Jacksonville, Florida. Dallas-based Managing Director Alex Inman led the Walker & Dunlop team.
The Sponsor, S2 Capital, LLC, is a valued, repeat client of Walker & Dunlop, with significant experience in repositioning under-valued multifamily assets. Scott Everett, managing partner for S2 Capital, LLC commented, "Matthews Crossing was our first acquisition in the Jacksonville market. Because of this, I anticipated financing the deal to be somewhat challenging, but Alex and his team were able to present several different options from various lending sources. In the end we were able to obtain financing terms far better than anticipated, which made our returns even better than initially modeled. I think this is a true testament to the power of the Walker & Dunlop platform and the breadth of knowledge Alex and his team bring to the table."
Alex Inman stated, "Our team was thrilled to win the financing assignment on the Matthews Crossing 'value add' acquisition. This was the Sponsor's first acquisition in this market, so we knew it would be a challenge to identify a lender that would be the right fit for the deal. However, given our robust relationships in the capital markets space, we were able to identify a lender that exceeded all expectations."
Located in vibrant Jacksonville, the property features 1,103 units, five swimming pools, a playground, fitness center, business center and is located within close proximity to The University of North Floridaand Jacksonville University.
A steady stream of jobs has moved into the Jacksonville area with the recent addition of Amazon's second fulfillment center expected to bring 2,500 jobs to the city by the end of 2019. The announcement of a 300,000 square-foot expansion for the Mayo Clinic in the city also bodes well for the local economy, and major employers in the area such as Bank of America, Merrill Lynch, and Citibank.
Walker & Dunlop is a leader in the multifamily lending space, ranking within the top five largest multifamily lenders with Fannie Mae, Freddie Mac, and HUD. The Company has also significantly increased its brokered loan originations; in the first three quarters of 2017, the Capital Markets team closed a record $5.2 billion in total brokered volume, up 23 percent from the full-year 2016 figure.
For more information on Walker & Dunlop's financing options, visit our newly redesigned website and read the following press releases about our recently-completed development loans:
- $16.5 Million Loan for Florida Office Building Closed by Walker & Dunlop via a 30-Day Execution
- Luxury Multifamily Property in Florida Sold for $87 Million by Walker & Dunlop Investment Sales
- Capital Markets Team Tops $109 Million in Land and Multifamily Development Financing for High-Demand Markets
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.